All articles by Douglas Blakey
Douglas Blakey
CIBC posts strong Q1, takes Butterfield stake
Canadian Imperial Bank of Commerce (CIBC), Canadas fifth-largest bank by assets, has paid $150 million to acquire a 22.5 percent stake in Butterfield Bank, the largest independent lender in Bermuda
Akbank outlines reasons for success
Akbank, the countrys second-largest lender by assets, posted a 53 percent rise in full-year net profits and according to deputy CEO Hakan Binbasgil, is well placed to target further growth in 2010
Domestic retail strength boosts BMO’s Q1 profits
Bank of Montreal (BMO), Canadas fourth-largest bank, has reported first quarter net income of C$657 million ($623 million), almost three times the C$225 million earned in the corresponding period last year.
M&A activity set for growth in 2010
UK financial technology merger and acquisition activity is set to pick up in 2010, according to a report from consultants PricewaterhouseCoopers While fintech M&A activity in 2009 hit a six-year low, the right conditions appear to be in place to spur recovery within the sector, reports Douglas Blakey. UK technology M&A activity will increase in 2010 as deal pipelines and activity levels increase, according to a report from consultants PricewaterhouseCoopers (PwC).
Ally, ING and Capital One top Change Sciences’ web survey
Ally Bank, ING and Capital One receive the top rankings in a survey of 22 US bank websites, according to a report titled Financial Services: Web 2010 Demonstrating Value and Customer Experience conducted by web consultants Change Sciences Group.
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Profits slump by 57% at ‘Big Four’
Aggregate UK retail profits before tax at the countrys traditional big four banking groups Lloyds, Barclays, Royal Bank of Scotland (RBS) and HSBC fell by 57 percent in 2009 to £2.06 billion ($3.07 billion) from £4.88 billion in 2008. The countrys largest retail bank, Lloyds, retained the most profitable UK retail division of the four banks, despite a 62 percent decline in profits to £975 million.
Banesto goes for goal
In an effort to boost flat retail deposits, it has launched a savings account offering a 1 percent bonus if Banesto-sponsored Spain wins the football World Cup
US credit card sector posts mixed performance
The US credit card sector has posted charge-offs of 11.15 percent in January but early stage delinquencies fell to 5.96 percent, according to Moodys Investors Service. Moodys expects the charge-off rate to peak close to 12 percent during 2010 if the unemployment rate plateaus for much of the second half of the year and delinquency rate trends continue to improve.
Irish state takes 15% stake in Bank of Ireland
The Irish government has taken a 15.7 percent stake in Bank of Ireland, after the European Union blocked its original plan to receive a 250 million ($337 million) cash dividend.
Regulation tops A-P banana skin survey
An annual survey by the UK-based think tank the Centre for the Study of Financial Innovation, sponsored by consultants PricewaterhouseCoopers, reports bankers in Asia-Pacific believe too much regulation and macro-economic trends are the biggest threats to the financial services industry today Bankers in Asia-Pacific are very concerned that over-regulation could lead to stifled recovery and unintended consequences such as more costly systems or unsustainable business models, according to the 13th Banking Banana Skins 2010 survey.